The prices of the coins in the cryptocurrency market are gaining for a short time and then reversing it immediately after that. Many financial institutions are planning to start cryptocurrency trading within the next 12 months. These institutions include banks, hedge funds, and asset managers. This may result in a surge of price for a selected number of digital currencies.
An association of Japan’s cryptocurrency exchange has been formed under the name Nihon Kasotsuka Kokangyo Kyokai to impose self-regulation and improve security. These developments will be beneficial for the market in the future and will offer numerous opportunities in the future. Hence the long-term picture of the cryptocurrency market looks impressive while the short-term volatility continues to remains.
Our sentiment analysis segment comprises of crypto-related sentiments of people from around the world and are based on the current market trends and possible outcomes of the coins. The expert opinions are presented as it is to ensure that our readers get a wholesome picture of the coins and the cryptocurrency market in general.
For this purpose, a group of investors, influencers, analysts, miners, and skeptics were interviewed and their valuable comments are recorded. This analysis is based on the cryptocurrency king, Bitcoin [BTC]
Bitcoin [BTC]
loading…
Bitcoin dropped from the $9000 mark and at 4:10 PM UTC, the coin was seen to be trading at $8831.17 with a market capitalization of $150 billion. The 100 and 200 SMA indicates that the path of the least resistance is to the upside. Hence we can expect the uptrend to resume than to reverse.
The coin had rallied near to the $10000 mark but the bulls failed to breach it. It shows high volatility and the gain is being given up very quickly. There is a chance for a drop to below the $8000 levels if the support does not hold good for the coin. If the buyers kick in at this moment it would help the coin to once again test the $10000 mark.
William Hardy, a Bitcoin trader from New Castle says:
“Fortunately for the coin, there is a buying pressure experienced on major exchanges. But the whales are trying to manipulate the market to a large extent. The coin had spiked to claim the record for the highest gain in an hour previously after a bear trap on the charts. The coin is expected to go down and thus we can conclude that what we can see a bull trap.”
Thomas Harrison, a Professor from Dallas says:
“Smart investors will look to make money now as the coin shows high volatility. The coin had gained and lost around 1000 points within 2 days. This trend is likely to continue at least for the next 4 days with gains and equal losses. All that the bulls need to do is break the resistance which comes down from the $9700 mark.”
Kevin Gonzalez, a Politician from Arizona says:
“There is a major resistance for the coin at the $9696 mark and a support at $8521. If the coin breaks this support, then the next possible reversal zone is between $8126 and $7751 with a support at $7487. The chances are that the coin may be seen to test these lower support zones before a major breakout”
To conclude, Bitcoin sentiments have a positive majority with 61% of the respondents feeling bullish. They are of the opinion that the next reversal will be a huge one which will take the coin above $10000. Another 39% of Bitcoin respondents feel bearish as the coin has become unpredictable due to the manipulation done by the whales.